It doesn't look like the traditional hardware rendering issues, but it also doesn't really look the usual software rendering bugs either. My first instinct is a software issue though as it matches more closely than hardware glitches, but both the Apple M-series hardware is a lot different as is Tahoe.
Testing in Safe Mode is the easiest test to determine if some third party software could be causing the problem, but unfortunately Safe Mode isn't as fool proof of a test these days with more recent versions of macOS. The better test would be to test the system with a clean install of macOS without any third party software installed & without having restored anything from a backup. This is the only way to completely eliminate third party software from causing a problem.
There are several ways to do this depending on how much Free storage space your system has (install macOS to a new APFS volume if the system has at least 80GB+ Free space), whether you have a spare external SSD to temporarily use for installing & booting macOS, or just "Erase All Content & Settings" to wipe all modifications & data from the system leaving it with a "clean" OS. FYI, the only place to easily view the actual Free storage space is in Disk Utility.....ignore the "Available" storage value shown everywhere in macOS since it is not synonymous with Free.
To test an older version of macOS to compare a clean install of Sequoia and Tahoe to see if it is a Tahoe issue exclusively, then you would need to create a bootable macOS USB installer in order to install a specific version of macOS. Even a recent version of Sequoia or Sonoma may include some aspects of Tahoe in the more recent patch levels so comparing multiple versions of macOS point releases is needed to be sure of an OS bug, or hardware issue.
You can try running the Apple Diagnostics, but it is very doubtful it report any problems. The Apple Diagnostics (even the service diagnostics) have degraded over the years and no longer perform any in-depth testing needed to identify problems. The diagnostics just look to make sure various hardware components are able to be seen & identified.....sometimes a very basic test may occur where only the most severe hardware issue may possibly cause a problem. While booting & running the diagnostics make sure to watch the laptop's screen the whole time to see if you notice any graphical glitches....if so, then it most likely indicates a hardware issue. It still doesn't hurt to run the diagnostics just on the off chance it reveals a problem.